By 2022 brands are estimated to spend up to $15 billion on influencer marketing. Big name giants like Estee Lauder plan to allocate 75% of their spend toward digital marketing efforts, with a focus on social media influencers moving into 2020. In 2017, Estee Lauder spent $900 million alone on influencer marketing within the US. With massive budgets like these, it’s critically important we understand the influencer marketing data that matters most for brands when crafting an influencer strategy, selecting partners, and measuring influencer marketing performance.
Influencer Marketing Data: Crafting your Strategy
Crafting a compelling influencer marketing strategy begins with your brand; your identity, your intent, and your customers. While considering these foundational elements, be mindful of also using best practices and data to develop an effective approach to influencer marketing.
Check out these influencer marketing best practices to craft your strategy
Don’t forget to use data to refine and polish your ask.
Influencer Marketing Data: Finding Your Fit
Every influencer marketing activation begins with, well, influencers. What is often overlooked is how a brand selects those influencers to promote their strategy. Years ago, this selection process was based on artificial components like only evaluating an influencers aesthetic style or how many followers they had. As the industry has matured and the fake follower conversation has become louder, brands are becoming more conscious of exactly who they are choosing to endorse their name. This means brands are turning to data to make more informed decisions.
Demographics: Let’s begin with the basics. What is their age range, their gender, and where do they live. Understanding these characteristics upon selection will ensure a brand aligns with reaching their target audience.
Audience Following: Beyond the demographics of the influencer themselves, understanding the demographics of an influencers following allows brands to confidently select partners who do indeed attract their target customer.
Follower Count: How many people follow the influencer? It used to be the higher the follower count the better. Yet, as the following grows, engagement rate can often drop as the influencer becomes more of a celebrity rather than a personalized icon that small groups can truly relate to.
Engagement Rate: The rate at which an influencers followers engage with their content, be it through likes, shares, or comments. This is important to understand how engaged and authentic an influencers follower base is.
Location: Who are you trying to reach and does location matter? If so, focus on making sure you only search for partners who fall within your desired radius.
Past Partnerships: Who has the influencer collaborated with in the past? If it is a direct competitor this may help you decide if you want to work with them or not. Perhaps they attract the audience you are going after or alternatively you may want to avoid working with them.
Influencer Marketing Data: Measuring Performance
Like all marketing tactics, influencer marketing works best when you test and learn. Understanding and evaluating performance from your initial campaigns, individually and holistically, will only provide you with better insights to refine and optimize your strategy moving forward.
Within a single campaign
Impressions: How many people actually saw the influencers post. Essentially, how much brand awareness did you achieve with this specific influencer partnership.
Engagement Rate: Which post received the highest engagement rate? Why? Look at the comments on your highest engaging influencer post to evaluate feedback. This will help you better understand what messaging resonates best within your target category.
Across multiple campaigns
Most Engaging Post: What content performed the best? Understanding which piece of content received the highest amount of likes, comments, and shares will help you glean insight into which message resonated most across your strategies.
Most Engaging Influencer: Which of your partners garnered the highest engagement rate overall? This could indicate they might be a good candidate to become a brand ambassador for your brand.
Most Engaging Campaign: Understanding which of your strategies performed the most by evaluating total engagement rate will help you pull the most successful parts of that activation into your future ones.
Each part of the influencer marketing process informs the next. Using the right data along every step of the journey allows you to concretely understand where you’ve invested energy previously and where you may want to re allocate investment moving forward.